Bernstein analyst Nadine Sarwat initiated coverage of Coca-Cola Europacific Partners (CCEP) with a Market Perform rating and $82 price target The bottlers like to point to per capita consumption as an indication of growth potential, but looking at this in isolation is overrated, the analyst tells investors in a research note. The firm says companies must appeal to local consumer preferences though occasion building, brand propositions and packaging to drive long-term growth. Reduced sugar has a strong correlation with GDP per capita and is an important growth driver, adds Bernstein.
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